Since the end of the previous year, over 75 accounts have been blocked in Venezuela by banks for cryptocurrency-related activities

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The accounts of consumers with connections to cryptocurrency trading, particularly those connected to peer-to-peer (P2P) transaction activity, have caught the attention of Venezuelan banks.

Over 75 accounts have been frozen by Venezuelan private banks for facilitating crypto-to-fiat and fiat-to-crypto transactions since the end of 2021, claims Legalrocks, a crypto and blockchain-focused law practice in Venezuela.

Banks in Venezuela suspend cryptocurrency-related accounts

Banks in Venezuela are becoming more vigilant about accounts that frequently involve bitcoin transactions.

More than 75 cases of accounts that have been stopped or are under investigation have been registered since the end of 2021, according to a blog post by Legalrocks, a Venezuelan law practice that specializes in cryptocurrencies and blockchain.

According to Legalrocks CEO Ana Ojeda, the use of these accounts to receive fiat money for the purpose of selling or exchanging it for cryptocurrencies should not be viewed as a justification for shutting them.

Ojeda notes that due to the economic crisis and the severe devaluation of the country’s fiat currency (the Venezuelan bolivar) this year, stablecoin exchanges through P2P markets are widespread.

In Venezuela, stablecoin-based P2P markets have grown to be so widespread and well-liked that some observers think they might be having a significant impact in the fluctuations of the dollar-bolivar exchange rate.

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